MARKET DEVELOPMENT
Indian Oilseed, Soyoil Futures up on Global Cues
Indian Oilseed, Soyoil Futures up on Global Cues
21/01/2014 (Reuters) - Indian oilseeds and soyoil futures rose on Monday taking cues from global markets, while spot prices were up on poor supplies of locally-grown oilseed crops such as rapeseed.
* Malaysian palm oil futures rose to their highest level in two weeks due to a weaker local currency.
* By the midday break, the benchmark crude palm oil contract rose to 1.5 percent to 2,577 ringgit ($779) per tonne, the highest since Jan. 7.
* "Local futures have been dominated by sentiment in global cooking oil and oilseeds markets," said a Mumbai-based analyst.
* Domestic soy reflected global sentiment as its strong market in China aided the higher trade in rival palm oil.
* At 0925 GMT, the key February soybean contract was up 1.0 percent at 3,740 rupees ($60.84) per 100 kg on the National Commodity and Derivatives Exchange.
* The February soyoil contract rose 0.5 percent to 676.5 rupees per 10 kg, while the rapeseed contract for April was up 0.1 percent at 3,411 rupees per 100 kg.
* Soybeans rose 17 rupees to 3,827 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while soyoil rose 1.65 rupees to 690.85 rupees per 10 kg. Rapeseed rose around 16 rupees to 3,627.65 rupees at Jaipur in Rajasthan. ($1 = 61.475 Indian rupees)
* Malaysian palm oil futures rose to their highest level in two weeks due to a weaker local currency.
* By the midday break, the benchmark crude palm oil contract rose to 1.5 percent to 2,577 ringgit ($779) per tonne, the highest since Jan. 7.
* "Local futures have been dominated by sentiment in global cooking oil and oilseeds markets," said a Mumbai-based analyst.
* Domestic soy reflected global sentiment as its strong market in China aided the higher trade in rival palm oil.
* At 0925 GMT, the key February soybean contract was up 1.0 percent at 3,740 rupees ($60.84) per 100 kg on the National Commodity and Derivatives Exchange.
* The February soyoil contract rose 0.5 percent to 676.5 rupees per 10 kg, while the rapeseed contract for April was up 0.1 percent at 3,411 rupees per 100 kg.
* Soybeans rose 17 rupees to 3,827 rupees per 100 kg at the Indore spot market in Madhya Pradesh state, while soyoil rose 1.65 rupees to 690.85 rupees per 10 kg. Rapeseed rose around 16 rupees to 3,627.65 rupees at Jaipur in Rajasthan. ($1 = 61.475 Indian rupees)